The
problems experienced by many Americans as a result of the financial crisis were
exacerbated by the fact that they were poorly equipped to deal with the growing
complexity of financial decisions concerning mortgages and other household
credit, Richard Cordray, Director of the Consumer Financial Protection Bureau stated on April 17, 2013. Speaking at the Federal Reserve
Bank of Chicago Visa Inc. Financial Literacy and Education Summit, Cordray stressed
that "the importance of fostering broader recognition
that educational and informational support in matters of personal finance are
essential pillars of life as we know it in America."

The CFPB
intends to be a source of financial education, Cordray said, and has defined
goals to accomplish its mission. First, all consumers must understand basic
information about budgets, savings, investments, and credit. The bureau is
reaching out to various partners to provide that information and also is
developing a library of consumer information at "Ask
CFPB.""Ask CFPB" is a forum in which the bureau answers
frequently asked questions from consumers about issues in the financial
marketplace.

Consumer
complaints.
The CFPB’s Office of Consumer Response handles complaints about mortgages,
credit cards, student loans, auto loans, bank accounts, and credit reporting,
with more products and services to be added in the future. Through the office,
the CFPB brings consumer concerns to the attention of companies, assists in
addressing their complaints, and determines the issues affecting consumers.

The
bureau has made its Consumer Complaint Database publicly available with the
intention that the database also can be an informational tool for consumers.

Challenges
faced by women. Noting that the topic for the summit is the financial empowerment
of women, Cordray said that the CFPB is aware that women face some specific
challenges. The continuing gender gap in wages is a source of frustration to
many working women, raising legal issues of possible gender discrimination and "larger issues about how we define (and are redefining)
societal roles."

Women
generally live longer than men, Cordray said, which raises issues relating to
retirement planning. Women also are the financial decision-makers in a majority
of U.S. households, which puts more strain on them to manage difficult
budgeting issues. However, "the striking lesson"
for the bureau was that most consumer financial issues are not gender-specific,
and "for the most part that is how we are approaching
the issues of consumer engagement and financial education at the Consumer
Bureau."

"[W]e need to stretch beyond our schools to reach all the
women—and men—who never had any such training and are sorely in need of
resources to help them improve their financial capability," Cordray said